US President Donald Trump said he will take action as soon as Saturday to ban TikTok, a popular Chinese-owned video app that has been a source of national security and censorship concerns.
He told reporters on Air Force One as he returned from Florida: "As far as TikTok is concerned, we're banning them from the United States.
The president said he could use emergency economic powers or an executive order to enforce the action, insisting, "I have that authority" before adding: "It's going to be signed tomorrow."
Reports by Bloomberg News and the Wall Street Journal citing anonymous sources said the administration could soon announce a decision ordering ByteDance to divest its ownership in TikTok.
There have been reports of US tech giants and financial firms being interested in buying or investing in TikTok as the Trump administration sets its sights on the app.
The New York Times and Fox Business, citing an unidentified source, reported Microsoft is in talks to buy TikTok. Microsoft declined to comment.
TikTok issued a statement Friday saying that, "While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok."
ByteDance launched TikTok in 2017, then bought Musical.ly, a video service popular with teens in the US and Europe, and combined the two. A twin service, Douyin, is available for Chinese users.
TikTok's fun, goofy videos and ease of use has made it immensely popular, and US tech giants like Facebook and Snapchat see it as a competitive threat.
But its Chinese ownership has raised concerns about the censorship of videos, including those critical of the Chinese government, and the potential for sharing user data with Chinese officials.